From Our Special Correspondent
Daijiworld Media Network
Bengaluru, Sep 27: In order to provide further impetus to investment and growth in the biotechnology industry, the State Government has launched a new biotechnology policy (version 3.0).
The policy encourages investments in new technology platforms of life sciences for effective multi-disciplinary collaborations and also envisions more streamlined financial incentives and concessions for larger investments.
The aim is to encourage research and development (R&D) in emerging technology areas, such as synthetic biology, diagnosis and management of rare diseases, anti-microbial resistance, aqua-marine biotechnology, animal biotechnology, bio-manufacturing, and development of affordable medical devices, to foster the bio-economy growth.
As far as start-ups are concerned, the policy will institute funding mechanisms and mentorship programs to stimulate innovations that not only aid the development of the bio-economy, but also benefit the society as a whole.
Karnataka is recognized worldwide as a leading hub for funding in Biotechnology R&D and investments in the production and commercialization of biotech products in agriculture and healthcare.
In 2015, Karnataka captured 35% (Rs 44,250 crore) of the total revenue (Rs 126,700 crore) generated by the Biotech Market in India.
With the new policy, the objective is to capture a larger share of the predicted $100 billion (Rs 680,000 crore) bio-economy market in India and the $775 billion (Rs 5000,000 crore) worldwide bio-economy market.
Karnataka has been spearheading efforts to establish an ideal ecosystem for entrepreneurship, which provides a continuous and stable platform for innovation and use of new technologies.
Currently, the State has close to 400 Bio-tech companies, nearly half of which are start-ups trying to make their presence felt in the rapidly advancing field of biotechnology.
Announcing the release of the new biotechnology policy, Karnataka’s Minister for IT, BT and Tourism Priyank Kharge, said: “With India’s human population predicted to reach 1.5 billion by 2030 - add to that, the billions of animals - and the ever-dwindling resources, the need of the hour is to develop new bio- and other technological innovations. We need a policy that doesn’t shy away from the complex nature and long gestation period of these investments because it has been proven that success in biotechnology can offer lifelong solutions. Look at the hepatitis vaccine, blockbuster biologics like insulin and interferon, high-yielding cereals and pulses.”
Kharge said in order to improve the quality of life as well as aid economic growth, we have to invest in innovation, support R&D, look at news ways to improve the application of agricultural technology, develop new therapies that adapt traditional practices with modern technologies, assist in bio-manufacturing of affordable healthcare products, such as biologics, vaccines and new drug molecules from untapped natural diversity, invest in infrastructure and people - this will not only create more job opportunities, but also improve the nation’s health.
Karnataka’s first-ever Biotechnology policy in India was released at the dawn of the millennium in 2001, followed by the second policy in 2009.
The guidelines were instrumental in building the institutional framework that spread awareness about the power of biotechnology.
They also facilitated the setting up of world-class institutions, such as Institutions of Bioinformatics and Applied Biotechnology (IBAB), Bangalore Bio-Innovation Centre (BBC), Centre for Human Genetics (CHG) and Institute for Agricultural Biotechnology (IABT), as well as the nurturing of skilled human resources to serve the Biotech R&D and industry segments.
The policies looked at continuous promotion of national and international collaborations, in addition to offering concessions and fiscal incentives for investment, Kharge said.